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Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s remaining assets and liabilities measured at fair value on a recurring basis at September 30, 2020:

			Total						Quoted prices in active markets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
			(in thousands)
Assets:
Deferred compensation plan investments, current and non-current portion			$	28,687					$	28,687					$	—					$	—
Total assets at fair value			$	28,687					$	28,687					$	—					$	—
Liabilities:
Deferred compensation plan investments, current and non-current portion			$	28,687					$	28,687					$	—					$	—
Forward foreign currency exchange contracts			41						—						41						—
Interest rate swap agreement			9,232						—						9,232						—
Liability for contingent consideration			46,850						—						—						46,850
Total liabilities at fair value			$	84,810					$	28,687					$	9,273					$	46,850

The following table summarizes the valuation of the Company’s remaining assets and liabilities measured at fair value on a recurring basis at June 30, 2020:

			Total						Quoted prices in active markets (Level 1)						Significant other observable inputs (Level 2)						Significant unobservable inputs (Level 3)
			(in thousands)
Assets:
Deferred compensation plan investments, current and non-current portion			$	27,159					$	27,159					$	—					$	—
Total assets at fair value			$	27,159					$	27,159					$	—					$	—
Liabilities:
Deferred compensation plan investments, current and non-current portion			$	27,159					$	27,159					$	—					$	—
Forward foreign currency exchange contracts			26						—						26						—
Interest rate swap agreement			9,433						—						9,433						—
Liability for contingent consideration			46,334						—						—						46,334
Total liabilities at fair value			$	82,952					$	27,159					$	9,459					$	46,334

Schedule of Changes in Fair Value of Contingent Considerations

The table below provides a summary of the changes in fair value of the Company's contingent considerations for the Intelisys earnout, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarter ended September 30, 2020. The final earnout payment due to former owners of Intelisys was paid in October 2020.

									Quarter ended September 30, 2020
									Worldwide Communications & Services Segment
									(in thousands)
Fair value at beginning of period									$	46,334
Change in fair value of contingent consideration									516
Fair value at end of period									$	46,850

The table below provides a summary of the changes in fair value of the Company’s contingent considerations (Level 3) for the Intelisys earnout for the quarter ended September 30, 2019.

									Quarter ended September 30, 2019
									Worldwide Communications & Services Segment
									(in thousands)
Fair value at beginning of period									$	77,925
Change in fair value of contingent consideration									2,472
Fair value at end of period									$	80,397

Valuation techniques and significant observable inputs used in recurring Level 3 fair value measurements for the Company's contingent consideration liability related to Intelisys at June 30, 2020 were as follows. The measurement period for the Intelisys earnout ended on June 30, 2020.

Reporting Period

Valuation Technique

Significant Unobservable Inputs

Weighted Average Rates(a)

June 30, 2020

Discounted cash flow

Weighted average cost of capital

3.0

%

(a) Weighted average rates identified for each significant unobservable input relate to the valuation of the Intelisys contingent consideration. Since the earnout period for Intelisys closed on June 30, 2020, the weighted average cost of capital represents the cost of debt. There is no EBITDA growth or weighted average cost of capital to report in the current period.

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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